Government securities (GS) are risk-free securities, issued by the Ministry of Finance on behalf of the Government of the Republic of Macedonia.

Government securities are sold through auctions organized by the agent of the Ministry of Finance, that being the National Bank of the Republic of Macedonia. Only authorized direct participants (all banks in the Republic of Macedonia) can directly participate in the government securities auctions, while other interested residents and nonresidents may participate indirectly, through the banks.

Nominal value of a government security is Denar 10,000.00. Treasury bills are issued and paid under nominal value, and sold under discounted value. Government bonds are issued and paid under nominal value and are sold at the price reached on the auction. They bear semi – annual or annual coupon interest until they mature.

HISTORY – First auction of government securities was successfully launched in January 2004, by issuing 3-month treasury bills. As a result of promotional campaign and great interest of the investors for these risk-free instruments, 6-month treasury bills were successfully introduced in 2004. As a result of such trend, in 2005, 12-month treasury bills and 2-year government bonds were introduced.

Following this short period during which expansive development was observed, Ministry of Finance has already established the practice of holding regular auctions of government securities. Schedule of planned auctions of government securities is precisely defined in the CALENDAR for Issuance of Government Securities. The calendar is published on the web site of the Ministry of Finance on regular basis, at the beginning of the relevant period.

Since the beginning of issuance of continuous government securities, the PORTFOLIO comprises 1-month, 3-month, 6-month and 12-month treasury bills and 2-year, 3-year, 5-year and 10-year government bonds.

For more detailed information, please contact us at: 3106-381, 3106-723 and 3106-171.

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